Seeing and Hearing Information about the Queens and Long Island NY Real Estate market.
Currently Serving and dealing with Queens and Nassau New York Real Estate.

7 entries categorized "For Sale By Owner"

April 20, 2007

I strive to understand a persons outlook and I want to understand why people do things that they do. I try to listen and add my opinion about, ohh just about everything! Some people might say that I am pig headed, bullish and perhaps stubborn. Yeah, maybe. I have my convictions but I can also see both sides (let me say I TRY), before I come to my own opinions.

When a homeowner is looking to buy or sell one of the first things that they should do is Google their area. This is a great tool to see who is active on the internet and who is not. I havewritten many posts about how a person should hire an agent. If you don't see your Aunt Sally's friends daughter coming up on any internet search then my first suggestion is to stay away from that agent. If the agent can not take time to get your listing onto the internet other than Realtor.Com then they are doing a huge disservice to the seller!

I came across a consumer blog which is documenting the sale of his own home and I find that it is very enlightening. He is not bashing Realtors even though he has had a "nightmare" experience. The blog HomeSellerExperience.com is a must read for anyone who is looking to buy or sell their home. This would be a great example of consumers educating themselves. The gentleman even joined the Active Rain Blog to read what other Realtors were talking about. When he first joined Active Rain, he felt that this would be equivalent to the "My Space" for Realtors, which he might be sort of right. His blog is very informative and he even has his home for sale on his blog (Nice Touch!). All in all, his last post on Active Rain was show stopping and I give him kudos for educating himself!

December 08, 2006

I was trying to stay away from reporting or voicing my opinion about new Zillow feature that the founders and creators announced yesterday. I played around with the site and tried to find some dirt. I checked out other states that have been posting (Arizona and Seattle seem to be posting like crazy). But here in my neck of the woods, Queens NY -11357, 11358, 11354, 11361, 11364 and 11356 - I could only find one new listing in Zillows new "Real Estate Wiki" tool.

After a full 24 hours and every feed-reader spewing out the hot news, I can't say that there is an overwhelming amount of posting going on here in NY. Maybe us East Coasters are not paying enough attention to the under/over Zillow? Or perhaps the Zestimates are just so way off that an owner knows posting a listing either from an agent or a FSBO could break a sale.

I did however, find one listing that was posted by an owner in College Point, 11356. Here is what I found, his asking price was MUCH HIGHER ($649,000 with the owners Zestimate being $726,553) vs. the Zestimate (Zestimate came in at a low $548,318). In my book a $100,000 difference and this could hurt/destroy/blow up his possible sale.

To give you the facts, right out of the owners "mouth" about the home he is selling: this home is a three bedroom, two and a half baths, on a 1900 sq. ft. lot (semi-attached). The home was built in 1965, but completely remodeled in 2005. The owner stated that the renovations cost over $92,000. The original Zestimate gave a price of $561,451.00 - now with the owners renovation costs added into the price the new Zestimate shoots up to $726,553. The list of renovations are:

Major Kitchen Remodel (Mid-range)

+

$

16,167

Bathroom Remodel (Mid-range)

+

$

15,660

Bathroom Remodel (Mid-range)

+

$

2,897

Minor Kitchen Remodel

+

$

2,017

Basement Remodel

+

$

1,640

Roofing Replacement (Mid-range)

+

$

4,152

Siding Replacement (Upscale)

+

$

17,809

Window Replacement (Mid-range)

+

$

7,006

While I don't think that Zillow is trying to replace any Real Estate Agents, I do think that Zillow has more tricks up their sleeves, but I still stand behind my saying that the difference of asking price and the Zestimates are so far off that it can not be used a viable tool by either a Real Estate Agent nor a home owner selling on their own.

So as a real estate agent - I am not against Zillow launching a new Real Estate Wiki - but I myself, can only see false hopes quickly becoming shattered dreams.

Oh, and by the way - the owner stated that he will work with a BUYER agent - sooo (shameless plug here) If you want me to ...... never mind!

August 01, 2006

I got this comment today on one of my past posts regarding Realtor Vs. Fsbo and I wanted to comment back -

The realty is For Sale by Owner is the fastest growing sector in the real estate industry and that scares (or it should) the crap out of Realtors - maybe not individual Realtors but certainly the association as a whole. The Canadian Real Estate Association (CREA) has been running an anti-FSBO campaign all summer – “FOR SALE BY OWNER is not for this owner” – give me a break. The usual crap – we are trained professionals, we screen our clients (BS), we professionally market your home - blah blah-blah. If I was a Realtor the opportunity that the internet provides for significant FSBO growth would scare the crap out of me. The fact is thousands of homeowners have successfully sold their homes and saved literally thousands of dollars in real estate fees. Realtors will tell you that FSBO isn’t for everyone, they will even resort to scare tactics to steer you away from FSBO - but for the homeowners that are successful the savings are significant. Did you know that there was 91 BILLION dollars paid last year in real estate commissions!!!! So you truly appreciate the magnitude of that number, that is 91 BILLION dollars in lost homeowner’s equity. One FSBO site in Wisconsin facilitated $300 million in FSBO sales and generated $300,000 in related FSBO fees associated with those sales – real estate commissions on those sales would have been $18,000,000! I have done some research (internet based) into the FSBO phenomena (Google returns 38 million sites based on a search for “FSBO”). While the general concept remains intact (home owners selling their own homes) the approach, presentation, fees, options, etc literally run the gambit. The most noticeable consistency I noticed was the overall unprofessionalism and downright ugliness of most sites. Some were so ugly it was shocking - they looked like sites developed by Grade 3 students. From my experience in sales and marketing you only get one chance to make a good first impression - most FSBO sites miss the mark significantly on this point. I did however come across a few sites that have embraced the concept - one in particular was actually FREE! While many FSBO sites claim to offer “FREE FSBO” there is only one that I came across actually delivers on that claim. The site is www.freefsbo.com - they offer a Free FSBO Kit that includes a professional lawn sign that actually looks good (and modern), a free online listing complete with unlimited pictures, full feature sheet and some FSBO tips that were somewhat helpful. The bizarre thing is the FSBO Kit, as advertised, is actually free. There is no bait and switch, nothing underhanded whatsoever - there is no “upcharge” to put in your contact information, no fee to expedite the listing, no fees to upload pictures, or any fees to get a “better” webpage. The way they do this is simple - they sell your name to companies that want to solicit business from home owners - big deal. I have certainly gotten less for more. No idea who buys this information, I suspect moving companies, legal forms, mortgage brokers - I’m sure realtors are likely lined up to buy this information (I would be if I were a Realtor). Anyways, I personally don’t have a problem with it. Please note they are very upfront about what they do. Anyways - just an opportunity to get something for nothing - pretty rare these days :). PS, I signed up, my webpage was active within 3 days and I received my lawn sign via UPS within 5 days and it cost me nothing. And apparently the war is heating up - http://news.com.com/Real+estates+Net+turf+war/2100-1038_3-6099762.html?tag=html.alert

First of all Mark - thank you for your post. But, let me just point out one small detail before I begin - NOTHING IN LIFE IS FREE. You are a smart man and you should know that. Also, let me wish you the best of luck on selling your home - keep me posted on how much you save and the time frame that it takes you to sell.

Let me break this down - you said; "Did you know that there was 91 BILLION dollars paid last year in real estate commissions!!!! So you truly appreciate the magnitude of that number, that is 91 BILLION dollars in lost homeowner’s equity. One FSBO site in Wisconsin facilitated $300 million in FSBO sales and generated $300,000 in related FSBO fees associated with those sales – real estate commissions on those sales would have been $18,000,000!"

I can't say that I agree with you when you state that "91 BILLION dollars in lost homeowners equity". I would have to argue that was 91 BILLION dollars in earned money. The homes that were sold - were done by real estate agents - and they require a fee. Now that is not to argue that every agent was fantastic - we don't have those numbers - but we can say that the commissions that you are claiming was paid - was a job completed - correct? Nobody had a gun to the homeowners heads to make them list with the agents - the homeowners felt that a real estate PROFESSIONAL would serve them better and faster and perhaps get them the most money possible. I am claiming that the money 91 BILLION was hard earned. I can tell from your post that you are anti real estate agents - so we won't agree on this.

You said: " I have done some research (Internet based) into the FSBO phenomena (Google returns 38 million sites based on a search for “FSBO”). While the general concept remains intact (home owners selling their own homes) the approach, presentation, fees, options, etc literally run the gambit. The most noticeable consistency I noticed was the overall unprofessionalism and downright ugliness of most sites. Some were so ugly it was shocking - they looked like sites developed by Grade 3 students. From my experience in sales and marketing you only get one chance to make a good first impression - most FSBO sites miss the mark significantly on this point."

You are right on a few points here. I do agree you have one chance to make a good impression. End of story. I also agree that MOST fsbo sites are shabby and are not user friendly and could care less if you ever sell your home. They don't know you - they got your $39.99 or more fee and be gone with you. So, You got a sign, you got a website ad - your knocking them dead now.. So what happens when you have a buyer? What questions would you ask them? I know what I would do - how about you? See, the way I see it, a fsbo can sell their home - I am not arguing that, but what I am saying is that I pulled up your www.FREEFSBO.com site and I was again not impressed. What I find hysterical is that the address' and phone numbers are public. So why are they selling your information like you say they are? I can call up 25 Fsbo's for free. Heck, If I were so bold, I could get in my car and go right over to their house, ring the bell and see their home. You know what, and so could anyone else. See, what I do as an agent is I also protect the seller. I KNOW who I am bringing to your home. I have information about them. I KNOW what their financial status is and most likely I know if they have a mortgage being worked on. I know if they are serious buyer and I know if they are going to buy your home. I did all this and I did not give out any of your information. I am protecting YOU.

OK, let me go one step further. Looking on this site, that you love - how would I find a home for sale in Queens NY? There are 5 pages of listings and the first three are TX, SC, and CO. I can't even get the drop down search to work. The site is nice looking - but do I really want to search through 5 pages of sellers that are not even within my state? NOPE.

You see Marc, there will always be do it yourselfers, in everything. (Contractors, Real Estate, heck people self diagnose themselves all the time too), but I am not scared. The customers and clients that I deal with get my services 110%. I get repeat business. I have to see these people in stores I shop, I have to look them in the face, I have a reputation to keep. My children go to school with theirs, they play with each other, so I have to do good. I am sad for you that you have had a bad dealing with real estate (I am guessing), But don't put us all on the same chopping block!

June 22, 2006

Any FSBO that is out there should make it a point to read this article. My main question to most FSBO's is, "Do you want to SELL your property, or do you want to SELL YOUR PROPERTY FOR THE MOST AMOUNT OF MONEY"? Most of the time they answer with the latter. Urban diggs points out that yes a FSBO might sell their property but the main part of our job - not just advertising your home or doing open houses but to QUALIFY your buyer. That means, home or Co-op/condo, which is more difficult. I do notice that FSBO's feel that if they put their home on the market for what a real estate agent would list their home, they will have more room to negotiate. Which can be true - but going right into your home a buyer already DEDUCTED the real estate fee, and THEN they want you to negotiate even more. So you spent money on ads, spent time on showing and you might not even have a viable buyer.

"FSBO's NOT OFFERING AN INCENTIVE TO THE BROKERAGE COMMUNITY ARE GREATLY LIMITING THE BUYER POOL TO WHICH THEIR PROPERTY IS MARKETED. MARKETING TO A SMALLER BUYER POOL WILL LOWER THE CHANCES OF GETTING TOP DOLLAR FOR ANY PROPERTY"

June 07, 2006

I know that people still feel that they "want to try it on their own", and really that is OK, because 95% of FSBO's wind up coming to a realtor. Why? Well, exposure is one. and number two is people feel that they can discount the asking price of a home, BECAUSE you are not listed with a realtor, so they will take that amount off their offer. TRUST ME, I see it all the time..

April 13, 2006

I am seriously not sure if I should give this site out - but if I don't recommend it - someone else will .. and I look like I am not so on top of things.. So, for you .... Umm FOR SALE BY OWNERS or the Curious Georges out there, I have a site that should somewhat give you an IDEA of what your home is worth. Now - It works great in Queens, but not so well in other areas. So when you try Zillow, just understand that this is not the recommended sales price - just an over all value - could be higher or lower, that is all based on the condition of your home. But, it is good to see what other sales in your area have sold for. With that said, I have to also say that just because Mike down the block sold his home for $700,000 last June - does not in ANY SHAPE OR FORM mean you are going to sell yours for $800,000. Times have changed my friends, Sellers and Buyers are at a hold still. The buyers won't go up and the sellers WILL NOT go down, and quite honestly with me working on 4 or 3 1/2% commissions, I won't buck up anymore either.

April 12, 2006

Ok.. So Here I go. Trying out this blog thing with a direction in mind. Let's see if we go that way. I will be posting information about real estate in the Queens/Long Island area. If you have anything that you feel would be of importance or that I can use or SHOULD use - please feel free to let me know.

Since I am a realtor in the Queens, NY Area and I am an office manager for one of the top real estate offices - I have the "up" on seeing and hearing what everyone is doing - or saying. I have found alot of good sites out there - that have been useful to me as a realtor and I do refer them out.

One thing that realtors hate - hate?? umm should not use hate - umm find challanging are the FOR SALE BY OWNERS - yup.. Fsbos. Well, knowing that Fsbo's won't go away - I have found some sites out there that CAN work. But do they?? Not really sure, because in order to sell your house - you do need SOME knowledge. I know that SOME people would argue that, but 90% of Fsbo's DO come to a real estate office. Why?? Well here are some useful articles that can explain why better. Realtor

Trust me guys - If you are attempting to sell your home on your own - its NOT just placing an ad in the newspaper.. PLUS, who even reads the Sunday paper anymore? We are in the Web technology.